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Accounting fundamentals based on accounting principles.
Presented below are the assumptions and principles discussed in this chapter.
1. Full disclosure principle. 2. Going concern assumption. 3. Monetary unit assumption. 4. Time period assumption. 5. Cost principle. 6. Economic entity assumption.
Instructions
Identify by number the accounting assumption or principle that is described below. Do not use a number more than once.
a) Is the rationale for why plant assets are not reported at liquidation value. (Note: Do not use the cost principle.) b) Indicates that personal and business record-keeping should be separately maintained. c) Assumes that the dollar is the "measuring stick" used to report on financial performance. d) Separates financial information into time periods for reporting purpose. e) Indicates that companies should not record in the accounts market value changes subsequent to purchase. f) Dictates that companies should disclose all circumstances and events that make a difference to financial statement users.
Are the depreciation techniques used in the company's financial statements evaluated by existing income tax laws? If not, who is responsible for choosing these methods? Describe.
Prepare the transaction data in accounts under an accounting equation. Purpose an income statement, a statement of changes in stockholders' equity, a balance sheet, and a statement of cash flow for 2012 and 2013.
Determine the amount of gross profit to be recognized in each of the three years. Prepare all required journal entries for each of the years (credit "Various accounts" for construction costs incurred). Purpose a partial balance sheet for 2009 a..
Record the journal entries necessary on Crain's books for 2005 assuming that Crain uses the equity method to account for its investment in Downey.
What are Amy's bases in the land and her partnership interest after distribution?
Descriptive Questions-Basic Accounting Principle like Advance payments from customers for future services and the current assets of most companies.
Compute the amount of cash to be reported on Eastwood Co.'s balance sheet at December 31, 2007 and Indicate the proper reporting for items that are not reported as cash on the December 31, 2007, balance sheet.
Changes in Variable Costs, Fixed Costs and Selling Price, and Volume. The marketing manager argues that a $5,000 increase in the monthly advertising budget would increase monthly sales by $9,000. Should the advertising budget be increased?
Prepare the sales portion of the entry for this sale on Janet's books and Prepare the cost of sales portion of the entry for this sale on Janet's books
Find Variable expense per unit, and total fixed expenses. Would you advise adopting this plan?
What are Zia's and Jed's bases in their new AlphaBeta stock and what is the net amount of gain identified by Jed, Zia, Alpha, and Beta on the reorganization
Journal entries for warranty repairs. - 1. Paid $12,350 for warranty repairs originally accrued in 2008.
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